Question

According to the trial balance sheet below, what was Woodruff-Simpson's total revenue for the month of June? Woodruff-Simpson Trial Balance June 30 Dr. Cr. Cash 58,000 Accounts Receivable 4,000 Prepaid Insurance 3,600 J. Woodruff, Capital 33,100 K. Simpson, Capital 10,000 J. Woodruff, Drawing 3,600 Accounts Payable 5,500 Unearned Consulting Fees 12,000 Consulting Fees 9,300 Rent Expense 1,000 Insurance Expense 0 69,900 69,900

a. $8,300
B. $9,300
c. $21,300
d. $25,300

Answer 1

The total revenue for Woodruff-Simpson in June was $9,300. Option B is correct.

Step-by-step explanation:

Woodruff-Simpson's trial balance for June reveals that the Consulting Fees account shows a credit balance of $9,300. In accounting, revenue is recorded on the credit side for income-generating activities like consulting fees. The trial balance, which lists all the accounts and their debit or credit balances, helps ascertain the financial standing of a company at a specific time.

Consulting fees, being a revenue account, reflect the income generated from providing consulting services during the month. This figure represents the total earnings from these services before deducting any expenses. Understanding the trial balance helps in gauging a company's financial performance by showcasing revenue, expenses, assets, and liabilities.

In this case, the $9,300 in Consulting Fees signifies the total revenue generated by Woodruff-Simpson during the month of June.

Correct answer: B. $9,300